Zurich CEO to enjoy huge pay boost

When the executive’s stock vests next month, it will increase his total compensation for the year by millions

Zurich CEO to enjoy huge pay boost

Insurance News

By Ryan Smith

Zurich Insurance Group’s CEO will be eligible for a 13.4 million Swiss franc (around SG$18.08 million) payout when his shares are unlocked next month.

Shares worth about 8.2 million francs, granted to CEO Mario Greco as part of a company incentive program, will vest in April, raising the executive’s 2018 compensation to $13.3 million (around SG$18.08 million), according to a Reuters report.

Greco has overseen robust growth at Zurich since he joined from Generali in 2016, Reuters reported. Under his watch, Zurich’s share price has risen by nearly 50%. Earlier this year, the insurer announced a dividend increase after a 24% spike in annual profits.

Zurich also said that its operating profit rose 20% to US$4.6 billion last year (around SG$6.25 billion), driven by growth across the business.

Zurich is Switzerland’s most valuable financial company and the fifth-largest insurer in Europe.


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